The I’On real estate market is off to a quick start in 2013. There have been 8 I’On homes sold since January 1st, with prices ranging from $414,000 to $1,175,000. The median price for these I’On home sales is $718,500 and the average selling price per square foot is $241. This is a 166% increase over the number of I’On home sales during the same period last year!! If you would like more details on each of these transactions, such as sales price and price/square foot, click here.
Spring Has Arrived Early in the I’On Real Estate Market…
In addition, 7 more I’On homes have gone under contract since January 1st that have not yet closed, bringing the total number of pending sales in I’On to 11. This bodes well for more significant “closing” activity over the next few weeks. The asking prices for these 11 homes range between $469,000 and $1,269,000 with an average price/square foot of $268.
The surge in activity is also bringing more I’On sellers into the market. Since January 1st, there have been 14 I’On homes go on the market for sale, bringing the current number of I’On homes for sale to 26. The average asking price/square foot for these homes is $299. To view all homes for sale in I’On by price range, just click here.
Demand for I’On Real Estate is Exceeding Supply – For The Most Part…
As you all know, we are emerging from a long term buyer’s market in I’On. As a result, sellers are starting to gain more negotiating leverage. This is due primarily to much lower inventory and an increase in demand. What is interesting is that certain price ranges are faring extremely well and others, not so much. The chart below shows the relationship between current inventory and the previous 12 months of sales for I’On homes by price range:
As you can see, the first 3 price ranges in this chart reflect a very positive market, as measured by supply and demand. for example, 51% of the I’On home sales during the last 12 months have been in the $500K-$750K price range, yet I’On homes for sale in this price range only account for 31% of the current inventory. Assuming this supply/demand trend continues, there should be some modest price appreciation in these price ranges in 2013.
Emerging from the Buyer’s Market – A Slow Process Above $1M
On the other hand, when you go above $1M, available inventory far exceeds the demand we have seen the last 12 months. I’On homes in this price range account for 46% of the current inventory, but only 8% of sales in the last 12 months. The good news however, is that activity in this price range has picked up since the 1st of the year. Two of the seven homes that have gone under contract since January 1st are priced above $1M and one home is priced at $999K. This is a trend that will need to accelerate if we are to see some price appreciation above $1M in 2013.
Thinking of Selling, or Just Have Questions? Call Me…
Please give me a call if you have any questions about this post. If you are thinking of selling, please contact me to learn more about my marketing program for your home. I have sold dozens of homes in I’On over the years and have an intimate knowledge of this community, what buyers are looking for, and how to get your home sold. Have a great week and I hope that you continue to take advantage of all the special activities and events that I’On has to offer!!